Entries in GMAC Mortgage (2)


GMAC Mortgage to Review Foreclosure Procedures in 50 States

Photo Courtesy - GMAC Mortgage dot com(MINNEAPOLIS) -- GMAC Mortgage announced Tuesday that is has "engaged several leading legal and accounting firms to conduct independent reviews of its foreclosure procedures in each of the 50 states."

A statement from GMAC emphasized the seriousness of foreclosure and the need to restore confidence in the process. 

Reviews of foreclosure sale files will consider the timeliness, substance and appropriateness of the foreclosure and also whether or not the file is "in good order and complies with all laws and requirements of the state jurisdiction."

To date, GMAC has not found evidence of inappropriate foreclosures.

Copyright 2010 ABC News Radio


Leading Home Lender Allegedly Mishandled Foreclosure Affidavits

(NEW YORK) -- In April, Luis Fitzgerald and his wife Miriam were, in his words, "literally kicked out" of the foreclosed Orlando, Florida home they purchased a decade ago.

In Florida and other states with judicial foreclosure laws, banks must file a summary judgment motion in order to take possession of a property where the owners have defaulted on a loan. The motions must be backed by an affidavit from a "witness" who has reviewed the files and confirmed that the lender actually owns the mortgage note.

Fitzgerald said, "Now I see the affidavit in my case was signed by the guy who was all over the news -- the so-called Robo-signer."

Fitzgerald was referring to Jeffrey Stephan, a foreclosure specialist with GMAC Mortgage, one of the nation's largest and most troubled home lenders. In a sworn deposition, Stephan said he signed about 10,000 foreclosure affidavits per month without personally verifying the documents associated with the case.

GMAC Mortgage announced this week it was suspending sales of foreclosed homes and evictions of borrowers who have fallen behind on the mortgages in 23 states. In a statement, the company said the temporary suspensions were intended to give it time to review its procedures.

Copyright 2010 ABC News Radio.  Image Courtesy: ABC News

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